GBP/JPY: Topping Out – What’s Next?

Bearish: In the world of forex trading, the current price for GBPJPY is at 201.97, sitting at the top end of a range. Experts predict that this may be the peak, with a potential drop to the ATR Target at 200.84 if the trend continues downward. However, there is a notable support level at 200.48, which could trigger a bounce back up. Traders are advised to monitor the USDX for market direction cues. The average daily true range (ATR) for this currency pair is 146 pips per day, with a 90-day average of 143 pips per day. Forex analysis indicates that the USDX is currently on a downward trend.